Market Overview - On November 27, the securities sector experienced a slight increase of 0.0%, with Western Securities leading the gains. The Shanghai Composite Index closed at 3875.26, up by 0.29%, while the Shenzhen Component Index closed at 12875.19, down by 0.25% [1]. Individual Stock Performance - Western Securities (002673) closed at 8.03, with a rise of 1.65% and a trading volume of 489,700 shares [1]. - First Capital Securities (601136) closed at 21.08, up by 1.25% with a trading volume of 394,600 shares [1]. - Huaxin Co. (600621) closed at 15.31, increasing by 0.72% with a trading volume of 101,900 shares [1]. - Other notable performers include: - Dream Travel (601211) at 19.00, up 0.53% [1] - Caitong Securities (601108) at 8.12, up 0.50% [1] - Zhongtai Securities (600918) at 6.64, up 0.45% [1]. Fund Flow Analysis - The securities sector saw a net outflow of 358 million yuan from institutional investors, while retail investors contributed a net inflow of 527 million yuan [2]. - Notable net inflows from retail investors were observed in: - CITIC Securities (600030) with a net inflow of 29.61 million yuan [3] - Western Securities (002673) with a net inflow of 17.21 million yuan [3]. - Conversely, significant net outflows were recorded for: - CITIC Securities (600030) with a net outflow of 60.64 million yuan from institutional investors [3] - Huaxin Co. (600909) with a net outflow of 6.32 million yuan from retail investors [3].

每经头条（nbdtoutiao）——灌水21万亿，高市早苗1.7万亿强化国防！日本负债率已远超债务危机时的 希腊，对美巨额投资致大规模资本外流，"卖出日元成国际趋势" （记者 曾健辉） 每经AI快讯，当升科技（SZ 300073，收盘价：58.74元）发布公告称，2025年11月26日10:00-11:30，当 升科技接受中信证券等投资者调研，公司副总经理、磷系产品线总经理、当升蜀道董事长陈新参与接 待，并回答了投资者提出的问题。 2025年1至6月份，当升科技的营业收入构成为：非金属矿物制品占比98.35%，专用设备制造业占比 1.65%。 截至发稿，当升科技市值为320亿元。 ...

Core Insights - The A-share market has been strong since July 2025, leading to a significant increase in bond issuance by brokerages, with a total issuance exceeding 1.7 trillion yuan, a nearly 50% year-on-year increase [1] - The expansion of brokerages' balance sheets is driven by increased operational settlement funds due to market conditions and a strategic shift towards heavier asset management businesses [1] - Major brokerages like China Galaxy, Guotai Junan, and Huatai Securities have issued the most bonds this year, with issuance amounts of 138.9 billion, 127.3 billion, and 125.6 billion yuan respectively, yet their leverage ratios remain relatively low [1][2] Debt Structure and Financing Costs - As of Q3 2025, the equity multipliers (excluding client transaction margins) for the top three brokerages are 4.23, 4.69, and 3.86, ranking them ninth, sixth, and thirteenth among 43 listed brokerages [2] - The highest equity multipliers are held by CICC, Shenwan Hongyuan, and CITIC Securities, at 5.42, 5.26, and 4.83 respectively, indicating a reliance on interbank financing rather than bond issuance [3] - The sell-buyback financial assets account for 24.40% and 17.53% of total liabilities for the 43 listed brokerages, with other liabilities not exceeding 8% [3] Sell-Buyback Financing - Shenwan Hongyuan's sell-buyback financial assets account for 32.72% of its total liabilities, ranking third in the industry, indicating a strong reliance on this financing method [4] - The average financing cost for CITIC Securities is 2.65%, with a significant portion of its liabilities coming from sell-buyback agreements, which typically have lower interest rates compared to bond issuance [4] - The financing cost structure shows that brokerages with higher sell-buyback ratios tend to have lower overall financing costs, with the lowest costs observed in Guosheng Securities, Dongwu Securities, Guohai Securities, and Hualin Securities [5] Market Trends and Historical Context - The reliance on sell-buyback financing peaked in 2014, with a total of 788.6 billion yuan, but decreased significantly after 2015 due to tighter liquidity and regulatory changes [10] - Following the resolution of major health issues in 2022, the capital market entered a new "interest rate reduction" cycle, leading to a 25% increase in sell-buyback financial assets from 1.96 trillion yuan in 2022 to 2.46 trillion yuan in 2024 [11] - The current trend indicates that brokerages favor sell-buyback financing for its lower costs and flexibility, but this approach carries risks related to market volatility and liquidity [11]

Core Viewpoint - Shanghai Bao Pharmaceuticals Co., Ltd. (referred to as "Bao Pharmaceuticals") is preparing for an IPO on the Hong Kong Stock Exchange, having submitted its prospectus after hearing on November 26, 2025, following two previous submissions in January and August 2025 [1][5]. Business Overview - Bao Pharmaceuticals, established in 2019, is a clinical-stage biotechnology company focused on developing and providing recombinant biopharmaceuticals in China using synthetic biology technology. The company targets complex diseases with limited treatment options [5]. - The company strategically focuses on four key areas: (i) large-volume subcutaneous delivery, (ii) antibody-mediated autoimmune diseases, (iii) assisted reproduction, and (iv) recombinant biopharmaceuticals [5]. Product Pipeline - Bao Pharmaceuticals has a pipeline of 12 self-developed products, including three core products: KJ017, KJ103, and SJ02 (Shengnuo). Additionally, there are four other clinical-stage candidates and five preclinical assets [5]. - The core product SJ02 received NDA approval from the National Medical Products Administration (NMPA) in August 2025. KJ017 and KJ103 are in late clinical or NDA registration stages in China [6]. - SJ02 is a long-acting recombinant human follicle-stimulating hormone-CTP fusion protein designed for controlled ovarian stimulation in conjunction with GnRH antagonists. KJ017 is the first recombinant hyaluronidase in China aimed at rapid, large-volume subcutaneous delivery. KJ103 is an innovative recombinant IgG-degrading enzyme for treating various immune diseases [6]. Clinical Trials - Bao Pharmaceuticals is actively advancing multiple pipeline products, particularly innovative recombinant biopharmaceuticals as transformative alternatives to traditional biochemical extraction drugs, including KJ101 and BJ044 [6]. - The company has developed recombinant human chorionic gonadotropin (hCG) SJ04 for assisted reproduction, which received IND approval in May 2024 and began Phase I clinical trials in August 2024, completing the trial in September 2025 [7]. Financial Performance - The company's revenue for the years 2023, 2024, and the first half of 2025 was RMB 6.93 million, RMB 6.16 million, and RMB 4.199 million, respectively. Corresponding R&D expenditures were RMB 133 million, RMB 251 million, and RMB 111 million, with net losses of RMB 160 million, RMB 364 million, and RMB 183 million [16][17]. Shareholder Structure - The pre-IPO shareholder structure shows Dr. Liu Yanjun holding 21.21%, Ms. Wang Zheng 7.81%, and Mr. Tan Jingwei 5.21%. Other significant shareholders include Shengde Pharmaceutical and various investment funds [9][10].

Core Viewpoint - Tianyu Semiconductor, a Chinese silicon carbide epitaxial wafer manufacturer, is launching an IPO to raise approximately HKD 1.744 billion, with shares priced at HKD 58 each [1] Fundraising and Allocation - The company is offering 30.07 million H-shares, with 10% allocated for public offering in Hong Kong and 90% for international placement [1] - The net proceeds from the IPO will be allocated as follows: - Approximately 62.5% for expanding overall production capacity over the next five years to enhance market share and product competitiveness [1] - About 15.1% for improving independent research and innovation capabilities to enhance product quality and shorten new product development cycles [1] - Around 10.8% for strategic investments or acquisitions to expand the customer base, enrich the product portfolio, and supplement technology [1] - Approximately 2.1% for expanding global sales and marketing networks [1] - About 9.5% for working capital and general corporate purposes [1] Listing Information - The stock is expected to be listed for trading on December 5 [1] - The entry fee for one lot of 50 shares is HKD 2,929.24 [1]

2025年11月24日，科伦博泰生物宣布其核心产品TROP2ADC芦康沙妥珠单抗(sac-TMT/SKB264/MK- 2870)联合帕博利珠单抗一线治疗PD-L1阳性非小细胞肺癌(NSCLC)的III期临床研究达到主要终点，成为 全球首个ADC联合免疫检查点抑制剂(IO)在一线NSCLC领域获阳性结果的III期研究。该结果进一步验 证了芦康沙妥珠单抗的联合治疗潜力，叠加其已获批的3项适应症及多项在研临床，管线价值持续兑 现。 智通财经APP获悉，中信证券发布研报称，科伦博泰生物-B(06990)核心产品芦康沙妥珠单抗已获得 MNC认可和全球开发能力的加持，同时结合默沙东K药进一步拓展ADC+IO联用可能性，考虑到核心产 品全球开发进程加速推进，国内商业化放量在即，结合DCF估值测算，给予公司目标价592港元，维 持"买入"评级。 ...

Core Viewpoint - CITIC Securities reports that Kelun-Biotech (06990) has received MNC recognition for its core product, sac-TMT/SKB264/MK-2870, and is accelerating its global development capabilities, leading to a target price of HKD 592 and a "Buy" rating [1] Group 1: Product Development - The core product, TROP2ADC sac-TMT/SKB264/MK-2870, has achieved the primary endpoint in a Phase III clinical study for first-line treatment of PD-L1 positive non-small cell lung cancer (NSCLC) in combination with pembrolizumab [1] - This study marks the first positive Phase III result for an ADC combined with immune checkpoint inhibitors in the first-line NSCLC setting globally, confirming the treatment potential of sac-TMT/SKB264/MK-2870 [1] Group 2: Market Potential - The product has already received approval for three indications and has multiple ongoing clinical trials, indicating a continuous realization of pipeline value [1] - The combination of sac-TMT/SKB264/MK-2870 with Merck's Keytruda (pembrolizumab) further explores the potential of ADC + IO combination therapies [1]

Core Viewpoint - CITIC Securities reports a target price of $206 per ADR and HKD 201 per share for Alibaba, maintaining a "Buy" rating based on a segmented valuation approach for FY2027 [1] Segment Summaries - **E-commerce Business Valuation**: Alibaba's e-commerce business is assigned a valuation of 10x P/EBITA for FY2027, with instant retail receiving a valuation of 0 [1] - **Cloud Computing Valuation**: The cloud computing segment is valued at 5x PS, indicating strong performance that exceeds market expectations [1] - **International E-commerce Valuation**: The international e-commerce business is assigned a valuation of 1x PS [1] - **Financial Performance**: The company’s FY2026 Q2 CMR revenue growth remains at 10%, with the Taotian Group achieving single-digit growth in EBITA after excluding flash purchase losses [1] - **Flash Purchase Business**: The flash purchase segment is transitioning from scale expansion to efficiency optimization, with expected losses aligning with forecasts [1] - **AI Revenue Growth**: In FY2026 Q2, capital expenditure reached 31.5 billion, with cloud revenue growing by 34%, and AI revenue showing a three-digit year-on-year increase, accounting for over 20% of total revenue [1] - **Future Outlook for Cloud Business**: Alibaba Cloud is expected to continue its "one cloud, multiple chips" strategy to meet strong AI customer demand, with revenue growth in the cloud business anticipated to accelerate [1]

Core Viewpoint - CITIC Securities has issued a report valuing Alibaba (09988, BABA.US) with a target price of $206 per ADR and HKD 201 per share for its FY2027, maintaining a "Buy" rating based on a segmented valuation approach [1] Segment Summaries - **E-commerce Business Valuation**: Alibaba's e-commerce business is assigned a 10x P/EBITA valuation for FY2027, while instant retail is valued at 0, and international e-commerce at 1x PS [1] - **Cloud Computing Performance**: The cloud computing segment is valued at 5x PS, with revenue growth exceeding market expectations, indicating a strong performance [1] - **Financial Metrics**: The report suggests a FY2027 Non-GAAP PE of 24x for the group, reflecting positive financial outlooks [1] - **Consumer Market Revenue (CMR)**: For FY2026 Q2, CMR revenue growth remains at 10%, with the Taotian Group achieving single-digit growth in EBITA after excluding flash purchase losses [1] - **Flash Purchase Business**: The flash purchase segment is transitioning from scale expansion to efficiency optimization, with expected losses aligning with forecasts, while benefiting from synergies with e-commerce [1] - **AI Revenue Growth**: In FY2026 Q2, capital expenditure reached 31.5 billion, with cloud revenue growing by 34%, surpassing market expectations, and AI revenue showing triple-digit year-on-year growth, accounting for over 20% of total revenue [1] - **Future Cloud Strategy**: Alibaba Cloud will continue to implement a "one cloud, multiple chips" strategy to meet strong AI customer demand, with expectations of accelerated revenue growth in the cloud business [1]

公司的核心产品SJ02（晟诺娃®），是一种用于辅助生殖的长效重组人卵泡刺激素羧基末端肽融合蛋 白，已于2025年8月获得国家药监局的NDA批准。另两款核心产品——KJ103（一种创新重组免疫球蛋 白G(IgG)降解酶，处于III期开发阶段）和KJ017（一种重组人透明质酸酶，处于NDA阶段）已进入中国 后期试验或NDA注册阶段。 （文章来源：证券时报网） 宝济药业通过港交所主板上市聆讯，中信证券和国泰海通担任联席保荐人。 公司战略聚焦四大领域：大容量皮下给药、抗体介导的自身免疫性疾病、辅助生殖以及重组生物制药。 根据弗若斯特沙利文的资料，到2033年，公司四大战略性治疗领域在中国的临床可触及市场规模合计预 计将达约人民币500亿元。 ...